Giving startups a head start

Accounting software company MYOB has kicked off a competition with a $100,000 winning package focused on giving one lucky start-up a head start for their business.

“Owning and running a business can often be a lot more difficult than people may initially expect,” says MYOB New Zealand General Manager Carolyn Luey.

“Our research shows that new businesses often struggle with adapting to competitive pressures, knowing how to market their product or service, and juggling cashflow.”

MYOB’s Business Monitor survey reveals that one-quarter of businesses in the first 2 years of operation find staying ahead of the competition places extreme or quite a lot of pressure on their business.

“It’s important that aspiring business owners understand the pressure that comes with launching a new venture,” says Ms Luey.

The research also found that more than a fifth (23 percent) say managing cashflow was an issue and 21 percent agreed the costs associated with attracting customers was a burden.

“MYOB is focused on equipping small business owners with the tools and advice they need to get their enterprise off the ground and continuing that support throughout all stages of the business life-cycle,” says Ms Luey.

“Succeeding long term in business is tough. According to Statistics New Zealand, the survival rate for new enterprises past their first year is 84 percent, while just 26 percent last more than a decade.”

“That’s why we’ve created a head start for start-ups package specifically designed to alleviate a lot of those early pressures for one lucky start-up.”
The competition to find New Zealand’s ultimate start-up is open to anyone with a business under 2 years old, or aspiring business owners with a great idea.

The winner will receive a $100,000 package to help their business get a head start on success including 12 months free MYOB accounting software, business coaching from The Common, marketing on NZME worth $25,000, a $10,000 cash injection and promotion on The Hits radio station.

To enter, contestants must first pitch their great business idea via a short video or written submission. Five finalists will be selected and flown to Auckland where they will go head to head in a pitch night event, culminating in New Zealand’s ultimate start-up winner being announced.